As an entrepreneur, networking is critical to personal and professional development. Building a successful business takes time and energy, so it’s helpful to have a network of friends and associates to keep you going. 

There are many benefits of networking, but here are five that we think are most important.

1. Shared Knowledge

Networking is a great way to share ideas and information. Whether you’re asking for feedback or discussing your point of view, it helps expand your knowledge and gives insight into different perspectives.

There will also likely be group members who have experienced what you’re going through. This allows you to learn from them and avoid pitfalls they’ve experienced.

2. Opportunities

Opportunities will often come out of networking. You just need to wait to find out when or how they’ll materialize. It could be a referral, partnership, or request for your services or product. It’s essential to seize these opportunities when they come your way.

3. Connections

You’re not only gaining exposure to the people in the room, you’re also building connections with their network. If someone they know has a need that matches what you offer and you’ve made a good impression, you’ll likely get a referral.

Remember, it’s not a one-way street. If someone in your network matches a business you encounter at an event, don’t hesitate to share their details. It’ll only strengthen your relationship.

4. Increased Confidence

It can be scary at first, but you’ll gain more confidence by networking regularly and pushing yourself out of your comfort zone. This is an important attribute as a business owner because your business’ growth depends on connecting with others.

5. Raising Your Profile

Visibility and attention are huge benefits of networking. By attending business and social events, people will begin to recognize you. This can help build your reputation as a knowledgeable, reliable, and supportive person. Especially if you offer helpful advice and tips to those who need guidance. Also, you’re more likely to get more leads and referrals as you’ll be the one that comes to mind when they need your product or service.

SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.